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Automotive Carbon Thermoplastic Market To Accumulate US$ 8 Billion By 2033

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Automotive Carbon Thermoplastic Market To Accumulate US$ 8 Billion By 2033

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As per Fact.MR, a provider of market research and competitive intelligence, the global automotive carbon thermoplastic market is set to reach a size of US$ 8 billion by 2033, surging at 27.5% CAGR between 2023 and 2033.

Carbon thermoplastic is a composite material made of plastic and carbon fiber. The material has the benefit of being very resistant to deformation and alkaline and acid corrosion. Furthermore, its ability to address demands for CO2 reduction and energy savings in the automobile industry is gaining wide attention.

The global automotive carbon thermoplastic market is expanding significantly as a result of increased demand for fuel-efficient vehicles, reduced weight, and part consolidation. Furthermore, environmental regulations are increasing OEMs’ interest in carbon fiber composites.

The need for lightweight and fuel-efficient automobiles is a major factor driving the global automotive carbon thermoplastic market, as automotive carbon thermoplastics composite is one of the most efficient methods for decreasing vehicle weight, boosting fuel economy, and reducing pollution levels. Moreover, the high volume manufacturing of structural vehicle components is predicted to open up tremendous opportunities for carbon thermoplastic in the automotive industry in the years ahead.

Key Takeaways from Market Study

  • The global automotive carbon thermoplastic market amounted to US$ 700 million in 2023.
  • Worldwide demand for automotive carbon thermoplastic is estimated to evolve at a CAGR of 27.5% during the forecast period (2023 to 2033).
  • The global market is forecasted to garner US$ 8 billion by 2033.
  • Europe accounted for 39% share of the global market in 2022.
  • The polyamide (PA) segment is leading the automotive carbon thermoplastic market.

“Growing demand for lightweight automobiles to fulfill strict fuel economic norms is projected to boost the automotive carbon thermoplastic market. Moreover, the increasing population in large countries is raising public interest in purchasing more vehicles, which is expected to spur the demand for automotive carbon thermoplastic over the coming years,” says a Fact.MR analyst.

Regional Analysis

  • Europe is dominating the worldwide market. Germany is a major contributor to regional market growth due to the presence of prominent automotive companies in the country.
  • The North American market is also growing at a rapid pace. The United States is a market leader in North America due to increasing government efforts to reduce CO2 emissions.
  • Japan and South Korea are booting Asia Pacific market growth due to the growing adoption of electric vehicles in these countries.
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Respiratory Protection Equipment Market is Forecast to Grow by US$ 35.83 Billion During 2022-2033

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The global respiratory protection equipment market is valued at US$ 19.09 billion in 2023 and is predicted to increase at a CAGR of 6.5% from 2023 to 2033, as per a new industry analysis by Fact.MR, a market research and competitive intelligence provider.

Demand for respiratory protection equipment (RPE) is increasing rapidly as a result of strict government rules for health safety in the workplace and growing consumer awareness regarding self-hygiene due to the COVID-19 pandemic. Furthermore, sales of respiratory protection equipment are anticipated to increase at a high rate over the forecast period as a result of the emergence of new biological viruses such as severe acute respiratory syndrome (SARS) and Middle East respiratory syndrome (MERS), as well as a shift in the trend towards proactive measures in the healthcare industry. Additionally, it is anticipated that more people will utilize respiratory protection devices over the coming years, such as powered air-purifying respirators (PAPRs) and self-contained breathing apparatuses (SCBAs).

It is projected that increasing concerns over compensation expenses resulting from rising accident claims in a wide range of industries, including manufacturing, transportation, and chemicals, will encourage the implementation of workplace safety rules. Thus, rising worries about high-risk operations in the industrial and construction sectors will drive the demand for RPE.

Key Takeaways from Market Study:

  • The global respiratory protection equipment market is expected to reach US$ 35.83 billion by 2033.
  • The market in China is predicted to expand at a CAGR of 10.5% during the projected period.
  • Demand for supplied air respirators (SARs) is expected to rise at a CAGR of 7% during the next 10 years.
  • Worldwide sales of air-purifying respirators (APRs) are anticipated to evolve at 6% CAGR over the decade.

“Demand for RPE, such as disposable filtering masks, N95 masks, and surgical masks, from the healthcare sector is increasing rapidly due to rising cases of COVID-19 and other viral diseases in some parts of the world,” says a Fact.MR analyst.

Winning Strategy:

Some of the key manufacturers of respiratory protection equipment are 3M, Delta Plus Group, and Drägerwerk AG & CO. KGAA. Due to their low costs and widespread use in the industrial and healthcare sectors, a majority of companies are concentrating on producing APRs, such as disposable masks and N95 respirators.

Businesses are also collaborating with raw material suppliers, automobile OEMs, etc. to produce RPEs due to their rising demand around the world. Additionally, to acquire a competitive edge in the market, industry participants concentrate on the R&D of new technologies for production processes and integration throughout various stages of the value chain.

ViruShield Inc. announced the arrival of the improved transformative mask and respiratory accessories in August 2020.

More Valuable Insights on Offer:

Fact.MR, in its new offering, presents an unbiased analysis of the global respiratory protection equipment market, presenting historical demand data (2018 to 2022) and forecast statistics for the period of 2023 to 2033.

The study divulges essential insights on the market on the basis of type (air-purifying respirators, supplied air respirators) and end user (healthcare, industrial, oil & gas, mining, construction, petrochemicals/chemicals, pharmaceuticals, military & aviation, public services, consumers), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).